BENTLEY SYSTEMS INC-CLASS B (BSY) Fundamental Analysis & Valuation

NASDAQ:BSY • US08265T2087

38.66 USD
-0.31 (-0.8%)
At close: Mar 11, 2026
38.7 USD
+0.04 (+0.1%)
After Hours: 3/11/2026, 8:00:02 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This BSY fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

6

Overall BSY gets a fundamental rating of 6 out of 10. We evaluated BSY against 277 industry peers in the Software industry. BSY scores excellent on profitability, but there are some minor concerns on its financial health. BSY has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

9

1. BSY Profitability Analysis

1.1 Basic Checks

  • BSY had positive earnings in the past year.
  • BSY had a positive operating cash flow in the past year.
  • In the past 5 years BSY has always been profitable.
  • In the past 5 years BSY always reported a positive cash flow from operatings.
BSY Yearly Net Income VS EBIT VS OCF VS FCFBSY Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M

1.2 Ratios

  • Looking at the Return On Assets, with a value of 7.81%, BSY belongs to the top of the industry, outperforming 80.87% of the companies in the same industry.
  • With an excellent Return On Equity value of 23.36%, BSY belongs to the best of the industry, outperforming 88.81% of the companies in the same industry.
  • Looking at the Return On Invested Capital, with a value of 11.34%, BSY belongs to the top of the industry, outperforming 88.45% of the companies in the same industry.
  • BSY had an Average Return On Invested Capital over the past 3 years of 9.56%. This is in line with the industry average of 10.89%.
  • The 3 year average ROIC (9.56%) for BSY is below the current ROIC(11.34%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 7.81%
ROE 23.36%
ROIC 11.34%
ROA(3y)8.19%
ROA(5y)6.72%
ROE(3y)27.63%
ROE(5y)27.23%
ROIC(3y)9.56%
ROIC(5y)8.51%
BSY Yearly ROA, ROE, ROICBSY Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

1.3 Margins

  • With an excellent Profit Margin value of 18.50%, BSY belongs to the best of the industry, outperforming 84.48% of the companies in the same industry.
  • In the last couple of years the Profit Margin of BSY has grown nicely.
  • BSY's Operating Margin of 24.63% is amongst the best of the industry. BSY outperforms 90.25% of its industry peers.
  • BSY's Operating Margin has improved in the last couple of years.
  • The Gross Margin of BSY (81.52%) is better than 84.84% of its industry peers.
  • BSY's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 24.63%
PM (TTM) 18.5%
GM 81.52%
OM growth 3Y9.07%
OM growth 5Y2.29%
PM growth 3Y5.19%
PM growth 5Y3.26%
GM growth 3Y1.29%
GM growth 5Y0.59%
BSY Yearly Profit, Operating, Gross MarginsBSY Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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4

2. BSY Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) just above the Cost of Capital (WACC), BSY is creating some value.
  • Compared to 1 year ago, BSY has about the same amount of shares outstanding.
  • The number of shares outstanding for BSY has been increased compared to 5 years ago.
  • BSY has a better debt/assets ratio than last year.
BSY Yearly Shares OutstandingBSY Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M
BSY Yearly Total Debt VS Total AssetsBSY Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B

2.2 Solvency

  • An Altman-Z score of 3.60 indicates that BSY is not in any danger for bankruptcy at the moment.
  • BSY has a better Altman-Z score (3.60) than 70.04% of its industry peers.
  • The Debt to FCF ratio of BSY is 2.40, which is a good value as it means it would take BSY, 2.40 years of fcf income to pay off all of its debts.
  • With a decent Debt to FCF ratio value of 2.40, BSY is doing good in the industry, outperforming 64.98% of the companies in the same industry.
  • A Debt/Equity ratio of 1.05 is on the high side and indicates that BSY has dependencies on debt financing.
  • The Debt to Equity ratio of BSY (1.05) is worse than 76.90% of its industry peers.
  • Although BSY's pure debt/equity ratio does not look good, it has limited outstanding debt compared to the Free Cash Flow. We will not put too much weight on the debt/equity number as it may be because of low equity, which could be a consequence of a share buyback program for instance. This needs to be investigated.
Industry RankSector Rank
Debt/Equity 1.05
Debt/FCF 2.4
Altman-Z 3.6
ROIC/WACC1.09
WACC10.41%
BSY Yearly LT Debt VS Equity VS FCFBSY Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B

2.3 Liquidity

  • BSY has a Current Ratio of 0.56. This is a bad value and indicates that BSY is not financially healthy enough and could expect problems in meeting its short term obligations.
  • With a Current ratio value of 0.56, BSY is not doing good in the industry: 90.97% of the companies in the same industry are doing better.
  • BSY has a Quick Ratio of 0.56. This is a bad value and indicates that BSY is not financially healthy enough and could expect problems in meeting its short term obligations.
  • BSY's Quick ratio of 0.56 is on the low side compared to the rest of the industry. BSY is outperformed by 90.61% of its industry peers.
Industry RankSector Rank
Current Ratio 0.56
Quick Ratio 0.56
BSY Yearly Current Assets VS Current LiabilitesBSY Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M 800M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. BSY Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 13.08% over the past year.
  • Measured over the past years, BSY shows a quite strong growth in Earnings Per Share. The EPS has been growing by 14.60% on average per year.
  • BSY shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 10.99%.
  • BSY shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 13.38% yearly.
EPS 1Y (TTM)13.08%
EPS 3Y12.94%
EPS 5Y14.6%
EPS Q2Q%28.57%
Revenue 1Y (TTM)10.99%
Revenue growth 3Y10.97%
Revenue growth 5Y13.38%
Sales Q2Q%11.94%

3.2 Future

  • The Earnings Per Share is expected to grow by 15.10% on average over the next years. This is quite good.
  • BSY is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 10.94% yearly.
EPS Next Y13.15%
EPS Next 2Y14.21%
EPS Next 3Y14.11%
EPS Next 5Y15.1%
Revenue Next Year13.15%
Revenue Next 2Y11.76%
Revenue Next 3Y11.72%
Revenue Next 5Y10.94%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
BSY Yearly Revenue VS EstimatesBSY Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 500M 1B 1.5B 2B 2.5B
BSY Yearly EPS VS EstimatesBSY Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.5 1 1.5 2

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4

4. BSY Valuation Analysis

4.1 Price/Earnings Ratio

  • A Price/Earnings ratio of 31.95 indicates a quite expensive valuation of BSY.
  • BSY's Price/Earnings is on the same level as the industry average.
  • BSY's Price/Earnings ratio indicates a valuation a bit more expensive than the S&P500 average which is at 26.15.
  • A Price/Forward Earnings ratio of 28.24 indicates a quite expensive valuation of BSY.
  • BSY's Price/Forward Earnings is on the same level as the industry average.
  • BSY is valuated at similar levels of the S&P average when we compare the Price/Forward Earnings ratio to 24.27, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 31.95
Fwd PE 28.24
BSY Price Earnings VS Forward Price EarningsBSY Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • 67.15% of the companies in the same industry are more expensive than BSY, based on the Enterprise Value to EBITDA ratio.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of BSY indicates a somewhat cheap valuation: BSY is cheaper than 70.04% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 22.51
EV/EBITDA 29.67
BSY Per share dataBSY EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 -2 4 -4

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates BSY does not grow enough to justify the current Price/Earnings ratio.
  • The excellent profitability rating of BSY may justify a higher PE ratio.
  • A more expensive valuation may be justified as BSY's earnings are expected to grow with 14.11% in the coming years.
PEG (NY)2.43
PEG (5Y)2.19
EPS Next 2Y14.21%
EPS Next 3Y14.11%

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4

5. BSY Dividend Analysis

5.1 Amount

  • With a yearly dividend of 0.71%, BSY is not a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 0.57, BSY pays a better dividend. On top of this BSY pays more dividend than 89.53% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, BSY's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.71%

5.2 History

  • BSY has been paying a dividend for over 5 years, so it has already some track record.
  • BSY has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years4
BSY Yearly Dividends per shareBSY Yearly Dividends per shareYearly Dividends per share 2020 2021 2022 2023 2024 2025 2026 0.05 0.1 0.15 0.2 0.25

5.3 Sustainability

  • BSY pays out 30.58% of its income as dividend. This is a sustainable payout ratio.
DP30.58%
EPS Next 2Y14.21%
EPS Next 3Y14.11%
BSY Yearly Income VS Free CF VS DividendBSY Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M
BSY Dividend Payout.BSY Dividend Payout, showing the Payout Ratio.BSY Dividend Payout.PayoutRetained Earnings

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BSY Fundamentals: All Metrics, Ratios and Statistics

BENTLEY SYSTEMS INC-CLASS B

NASDAQ:BSY (3/11/2026, 8:00:02 PM)

After market: 38.7 +0.04 (+0.1%)

38.66

-0.31 (-0.8%)

Chartmill FA Rating
GICS IndustryGroupSoftware & Services
GICS IndustrySoftware
Earnings (Last)02-26
Earnings (Next)05-05
Inst Owners49.15%
Inst Owner Change4.98%
Ins Owners40.39%
Ins Owner Change-0.3%
Market Cap11.71B
Revenue(TTM)1.50B
Net Income(TTM)277.80M
Analysts78
Price Target53.61 (38.67%)
Short Float %11.15%
Short Ratio5.67
Dividend
Industry RankSector Rank
Dividend Yield 0.71%
Yearly Dividend0.28
Dividend Growth(5Y)N/A
DP30.58%
Div Incr Years2
Div Non Decr Years4
Ex-Date03-10
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)0.01%
Min EPS beat(2)-2.54%
Max EPS beat(2)2.55%
EPS beat(4)3
Avg EPS beat(4)6.32%
Min EPS beat(4)-2.54%
Max EPS beat(4)13.82%
EPS beat(8)5
Avg EPS beat(8)8.42%
EPS beat(12)9
Avg EPS beat(12)11.66%
EPS beat(16)13
Avg EPS beat(16)11.98%
Revenue beat(2)2
Avg Revenue beat(2)1.09%
Min Revenue beat(2)0.63%
Max Revenue beat(2)1.54%
Revenue beat(4)3
Avg Revenue beat(4)0.33%
Min Revenue beat(4)-0.85%
Max Revenue beat(4)1.54%
Revenue beat(8)4
Avg Revenue beat(8)-0.43%
Revenue beat(12)6
Avg Revenue beat(12)-0.02%
Revenue beat(16)8
Avg Revenue beat(16)0.03%
PT rev (1m)-2.65%
PT rev (3m)-9.77%
EPS NQ rev (1m)-1.55%
EPS NQ rev (3m)-1.91%
EPS NY rev (1m)1.07%
EPS NY rev (3m)0.9%
Revenue NQ rev (1m)2.57%
Revenue NQ rev (3m)2.71%
Revenue NY rev (1m)2.4%
Revenue NY rev (3m)2.65%
Valuation
Industry RankSector Rank
PE 31.95
Fwd PE 28.24
P/S 7.8
P/FCF 22.51
P/OCF 21.75
P/B 9.84
P/tB N/A
EV/EBITDA 29.67
EPS(TTM)1.21
EY3.13%
EPS(NY)1.37
Fwd EY3.54%
FCF(TTM)1.72
FCFY4.44%
OCF(TTM)1.78
OCFY4.6%
SpS4.96
BVpS3.93
TBVpS-4.91
PEG (NY)2.43
PEG (5Y)2.19
Graham Number10.34
Profitability
Industry RankSector Rank
ROA 7.81%
ROE 23.36%
ROCE 14.25%
ROIC 11.34%
ROICexc 11.91%
ROICexgc N/A
OM 24.63%
PM (TTM) 18.5%
GM 81.52%
FCFM 34.64%
ROA(3y)8.19%
ROA(5y)6.72%
ROE(3y)27.63%
ROE(5y)27.23%
ROIC(3y)9.56%
ROIC(5y)8.51%
ROICexc(3y)9.9%
ROICexc(5y)9.03%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)12.01%
ROCE(5y)10.69%
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3Y20.92%
ROICexc growth 5Y-14.5%
OM growth 3Y9.07%
OM growth 5Y2.29%
PM growth 3Y5.19%
PM growth 5Y3.26%
GM growth 3Y1.29%
GM growth 5Y0.59%
F-Score9
Asset Turnover0.42
Health
Industry RankSector Rank
Debt/Equity 1.05
Debt/FCF 2.4
Debt/EBITDA 2.87
Cap/Depr 27.71%
Cap/Sales 1.22%
Interest Coverage 47.14
Cash Conversion 123.58%
Profit Quality 187.26%
Current Ratio 0.56
Quick Ratio 0.56
Altman-Z 3.6
F-Score9
WACC10.41%
ROIC/WACC1.09
Cap/Depr(3y)28.08%
Cap/Depr(5y)28.65%
Cap/Sales(3y)1.43%
Cap/Sales(5y)1.56%
Profit Quality(3y)162.21%
Profit Quality(5y)184.66%
High Growth Momentum
Growth
EPS 1Y (TTM)13.08%
EPS 3Y12.94%
EPS 5Y14.6%
EPS Q2Q%28.57%
EPS Next Y13.15%
EPS Next 2Y14.21%
EPS Next 3Y14.11%
EPS Next 5Y15.1%
Revenue 1Y (TTM)10.99%
Revenue growth 3Y10.97%
Revenue growth 5Y13.38%
Sales Q2Q%11.94%
Revenue Next Year13.15%
Revenue Next 2Y11.76%
Revenue Next 3Y11.72%
Revenue Next 5Y10.94%
EBIT growth 1Y18.4%
EBIT growth 3Y21.03%
EBIT growth 5Y15.97%
EBIT Next Year20.56%
EBIT Next 3Y17.97%
EBIT Next 5Y17.13%
FCF growth 1Y23.49%
FCF growth 3Y26.69%
FCF growth 5Y16.55%
OCF growth 1Y23.7%
OCF growth 3Y25.21%
OCF growth 5Y15.83%

BENTLEY SYSTEMS INC-CLASS B / BSY FAQ

Can you provide the ChartMill fundamental rating for BENTLEY SYSTEMS INC-CLASS B?

ChartMill assigns a fundamental rating of 6 / 10 to BSY.


Can you provide the valuation status for BENTLEY SYSTEMS INC-CLASS B?

ChartMill assigns a valuation rating of 4 / 10 to BENTLEY SYSTEMS INC-CLASS B (BSY). This can be considered as Fairly Valued.


Can you provide the profitability details for BENTLEY SYSTEMS INC-CLASS B?

BENTLEY SYSTEMS INC-CLASS B (BSY) has a profitability rating of 9 / 10.


What are the PE and PB ratios of BENTLEY SYSTEMS INC-CLASS B (BSY) stock?

The Price/Earnings (PE) ratio for BENTLEY SYSTEMS INC-CLASS B (BSY) is 31.95 and the Price/Book (PB) ratio is 9.84.


What is the financial health of BENTLEY SYSTEMS INC-CLASS B (BSY) stock?

The financial health rating of BENTLEY SYSTEMS INC-CLASS B (BSY) is 4 / 10.